Want to sell or let-out a property in India?

Non Resident Indians (NRIs) own residential or commercial properties in India. When such properties are put to commercial exploitation either by renting or selling, they have to follow certain tax regulations.

Many of the owners (NRIs) and the tenants or buyers are not fully aware of the tax provisions and this causes the violation of the tax laws resulting in penalty actions by the Income Tax department.

Over the years, we have handled many situations such as

• (a) NRI renting a flat in Bangalore to a resident Indian
• (b) NRI selling a flat / plot in India to a resident Indian
• (c) NRI Selling a flat / plot in India to a Non Resident Indian
• (d) Person of Indian Origin (PIO) card holder selling a property to another NRI
• (e) Foreigner selling property to a resident Indian
• (f) Foreigner selling property to a NRI

Each of these transactions has different tax rules (especially withholding taxes or TDS) and similarly, FEMA restricts certain transactions/repatriation or seeks prior approval from the regulator before entering into the transactions.

We at Balakrishna and Co., Chartered Accountants, have gained adequate exposure in dealing with NRI matters over the last three decades. We have resolved every possible complicated transaction! We believe that our expertise can be of help to those who seek transactions of these above nature.

In case you need our consultation, please write to Prasad@balakrishnaandco.com or call us on 9845721255.